Barclays Sees ‘Real Competition’ From China

Bloomberg reports:

Chinese securities firms are making inroads in international investment banking markets, driving up hiring costs and spurring tighter competition for deals, a senior Barclays Plc (BARC) executive said.

“They’re very real competition; they absolutely win deals and in many cases, they win deals that we would love to be in,” said Matthew Ginsburg, Hong Kong-based head of investment banking at Barclays in Asia, in an Aug. 16 interview. “On the cost side, are they starting to be competitive for talent? In many cases, they are absolutely.”